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UK CPI accelerates in August from already high levels |
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FXstreet.com (Barcelona) – Inflation at consumer level has accelerated further in the UK in August, reaching the fastest growing pace posted in the latest 17 years, according to data released by National Statistics.
Consumer prices have increased 4.7% in August from the same month last year, up from the 4.4% year on year growing pace posted in July, household services being the largest inflationary contributors, due to sharp increases on gas and electricity bills. Month on month, consumer prices have risen 0.6%.
Retail prices index has risen at a 4.8% year on year pace in August, down from the 5.0% increase posted in July. Retail prices have increased 0.3% on the year.
Inflation has been growing far above the 2.0% maximum level established by the Bank of England for the fourth consecutive month, which will force Governor Mervyn to write another explanatory letter to the treasury.
Posted originally: 9/16/2008 8:49:00 AM
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